High-Integrity Pressure Protection System Market Analysis

High-Integrity Pressure Protection System Market Analysis

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Based on services, the market is segmented into Testing, Inspection & Certification (TIC), maintenance and training & consultation. In 2023, the TIC segment dominated the market with a share of over 45%.
 

• The growing emphasis on safety and risk management in industries such as oil & gas, chemical processing, and power generation is driving the demand for comprehensive testing & inspection of safety systems such as HIPPS. TIC services identify potential safety hazards, assess risk levels, and verify the functionality of HIPPS components, ensuring that they effectively mitigate overpressure risks & protect personnel, equipment, and the environment. For instance, in September 2021, Mokveld introduced the first true zero emission valve. Mokveld incorporated an electric actuator inside its new valve for testing and eliminating the stem seal to atmosphere entirely. Such dynamic stem seals are prone to wear and tear and degradation. Over time by eliminating the stem seal altogether, Mokveld’s new Zero emission valve prevents any leakage to atmosphere throughout the valve’s entire life cycle.
   

Based on end-use industry, the market is divided into oil & gas and chemicals, pharmaceutical, power generation, and others. The oil & gas segment is expected to register a CAGR of over 8% through 2032.
 

• Oil & gas companies are focusing and adopting smart field technologies, such as sensors, actuators & control systems, to optimize production, reduce costs, and improve asset performance. For instance, in February 2020, Emerson introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator. Designed specifically for burner-boiler applications, the new products give OEMs, distributors, contractors, and end users a new combustion safety shutoff valve option that increases safety & reliability and enhances both flow & control.
   

Asia Pacific high-integrity pressure protection system market is anticipated to register a CAGR of over 10.5% from 2024 to 2032. The region's prominence is attributed to several factors including the increasing adoption of advanced industrial technologies and the implementation of stringent regulatory frameworks aimed at enhancing process safety & risk management. Initiatives aimed at enhancing industrial safety, such as the implementation of Safety Instrumented Systems (SIS) and adherence to international standards such as IEC 61511, contribute to the growing demand for HIPPS in the region.
 

As industries in Asia Pacific continue to prioritize safety, reliability, and regulatory compliance, the market is poised for substantial growth, driven by increasing investments in critical infrastructure and the adoption of advanced safety technologies.